Indian Rupee Set to Rally as Traders Cut Bets
The Indian rupee is poised to strengthen as offshore traders reduce bearish positions and the central bank clarifies foreign exchange hedging rules. Recent regulatory measures aimed at curbing dollar demand have helped support the currency despite broader regional weakness.
The Indian rupee is poised to open between 94.75 and 94.80 to the dollar on Thursday morning, gaining ground as offshore traders cut bearish bets. The currency is bucking a broader regional trend that saw other Asian currencies dip and the dollar index inch higher. The Reserve Bank of India is maintaining steady dollar selling to support the currency.
